GREY:BHNGF - Post by User
Post by
biggreekon Jan 04, 2007 10:45am
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Post# 11954783
blackgold
blackgold This might be the third boomtime for Elliot Lake, first being the late 50's early 60"s quiet till the mid 70's. The main reason why Rio Algom and Deninson shut down was two fold, Canada not going with more Candu reactors and the low price/high cost mining. The mines in Western Canada,Africa and western USA are mainly open pit, Elliot Lake is underground. for Gem to go back into the business, it must buy one of the two existing sites, dewater them, shore up the different levels ,purchase a headframe and hoist, very costly,hope the price of USo stays high,but again they will not make the money the open pit boys do.Saying that Sprott is the unknown player here, very good relationship with Denision and making inroads with the Lundin's, if they get Deninson to buy these claims and go into prouction,Gem stands a chance to make a tidy profit.